The USD is correcting/consolidating after sharp declines yesterday on a "Sell America Day" yesterday that saw the US stocks get hit, bond prices move lower (yields higher) and the USD tumble.
The corrective move have the potential to give dollar buyers small victories, but there is still work to do. The 100-hour MAs remains target for each of the pairs as trading yesterday took the prices of all three currency pairs away from that MA. If the dollar buyers are to take back more control, they need to ultimately break through that MA and then the 200 hour MA.
I go through the dynamics in the above video. Kickstart your FX trading day, by taking a look at the key levels in play and understand why they would be important as well.
Looking at other markets, the US stock futures implying higher openings after yesterday's sharp declines:
Dow industrial average is up 300 points. Yesterday the index fell -971.82 points or -2.48%. S&P index is up 46.55 points after falling -124.50 points or -2.36% yesterday.NASDAQ index is up 162 points after falling -415.55 points or -2.55% yesterday.In the US debt market, the year clerk that is flatter with the two year up while the 10 and 30 year yields are lower:
2-year yield 3.798%, +4.6 basis points5-year yield 3.985%, +2.6 basis points.10 year yield 4.404%, unchanged30 year yield 4.887%, -2.1 basis pointsIn other words,
Gold is trading at another record high. The price is up $34.95 or 1.02% at $3458.93Bitcoin is higher as focus returns to the digital currency. The price is up $1100 and $88,631. Crude oil is up $0.82 at $63.23 This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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